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Swing Capital

HFCL Ltd

NSE: HFCL BSE: 500183Infra

HFCL Ltd (Himachal Futuristic Communications Limited) is a diverse telecom infrastructure enabler with active interest spanning telecom infrastructure development, system integration, and manufacture and supply of high end telecom equipment, Optical Fiber and Optic Fiber Cable (OFC).[1]

₹139
52W: ₹59.8 — ₹155
PE 84.3 · Book ₹30.9 · +350% vs book
Market Cap₹21,306 Cr
Stock P/E84.3Price to Earnings
ROCE9.26%Return on Capital
ROE5.82%Return on Equity
Div. Yield0.07%Face Value ₹1

Strengths

  • +Company is expected to give good quarter

Weaknesses

  • −Stock is trading at 4.60 times its book value
  • −The company has delivered a poor sales growth of 1.97% over past five years.
  • −Company has a low return on equity of 6.50% over last 3 years.
  • −Dividend payout has been low at 9.60% of profits over last 3 years
  • −Promoter holding has decreased over last 3 years: -10.9%

Shareholding Pattern

Promoters28.29%
FIIs7.08%
DIIs8.57%
Public56.02%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters37.63%36.24%▼1.435.9%▼0.334.37%▼1.531.58%▼2.830.02%▼1.628.29%▼1.728.29%
FIIs7.02%6.68%▼0.36.7%▲0.06.97%▲0.37.75%▲0.87.48%▼0.37.48%7.08%▼0.4
DIIs7.39%8.69%▲1.310.96%▲2.313.26%▲2.314.04%▲0.813.57%▼0.59.07%▼4.58.57%▼0.5
Public47.91%48.33%▲0.446.4%▼1.945.36%▼1.046.61%▲1.348.89%▲2.355.13%▲6.256.02%▲0.9

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales9541,2381,0661,0129617577891,0031,2241,511
Expenses8551,0529008648168007908441,0681,222
Operating Profit100186165148145-43-1159155289
OPM %10%15%16%15%15%-6%0%16%13%19%
Net Profit781151147578-73-426156178
EPS ₹0.550.80.790.520.54-0.5-0.290.430.371.16

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,528Cr, up 19.3% YoY. OPM at 13%.

Debt Position

Borrowings at ₹1,520Cr. Debt-to-equity ratio: 0.33x. Healthy balance sheet.

Capex Cycle

CWIP at ₹56Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 8.57% (+5.62pp change). FIIs: 7.08% (-0.45pp change). Promoters hold 28.29%.

Margin & Efficiency

ROCE declining from 23% (Mar 2015) to 9% (Mar 2026). Working capital days: 223.

Valuation

PE 84.3x with 9.26% ROCE. Price is 350% above book value of ₹30.9. Dividend yield: 0.07%.

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